Financial tips for single-income families
63% of Americans live paycheck-to-paycheck
(InvestigateTV) — A joint study by PYMNTS and LendingClub found that about 19% of U.S. households operate on a single income.
The study also found 23% of households that live paycheck-to-paycheck and have trouble paying bills are single-income households.
Financial experts recommend taking the following steps if you’re family relies on just one source of income:
Create a budget and stick to it: There are many different methods of personal budgeting, from the 50/30/20 rule, envelope system, zero-based budgeting, and many more. Ally Bank has an online quiz to help determine personal budget style.
Tackle credit card debt: The typical amount owed on credit cards by people with balances is $7,279 according to Lending Tree. NerdWallet has a four-step guide to paying off credit card debt.
Optimize income tax withholdings: Experts agree consumers are better off receiving more money in each paycheck rather than one large income tax refund. The Internal Revenue Service (IRS) has a guide on setting or changing tax withholdings.
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